I’ve used Strategic Partnerships to grow every business I’ve ever owned. When done right, these partnerships cost you nothing out of pocket and become the driving forces behind your continued growth for years to come. The first step to cultivating these relationships is knowing where to look.
1. What do you need? To determine where to look for your Strategic Partner, you first have to decide on your goal. What does your business need to expand, grow, and become more profitable? Decide on your goals first, then find the Strategic Partner who can benefit by helping you reach them.
2. Ready to expand? Who is your target demographic? When you “want to bring in more business,” what you really mean is that you want to bring in the right type of clients for your business. For example, if you run adventure-oriented vacations in which your clients prefer hostels to hotels, don’t try to partner with your local senior center! One of my key niche markets is Destination Weddings, for which I strategically partnered with both a large couples’ resort chain and one of the nation’s top bridal shows. As a travel agent, I had already brought the resort numerous weddings and was able to offer them increased visibility for their brand by partnering with my brand, which we did through offering trip giveaways at bridal shows (scoring a free booth and branding on every flyer, advertisement and banner in the process). But, let’s say your niche is adventure travel – try approaching your local sporting goods store. It all depends on your demographic.
3. Give as much as you want to take. To attract a valuable partner, you have to be a valuable partner. Think about what you have to offer, whether that’s a percentage of the business that comes in as a result of your partnership, a free trip, or even your time. A partnership only works when it goes both ways. And – make it legal. Put your partnership in writing, because it’s your name, reputation and brand on the line.
4. Look to your vendors. One of the best places to look for partners with whom to build your brand is your current vendors. You’ve already got half of a strategic relationship already – as your business increases, so does your ability to increase their business. Whether your vendors are resorts, cruise lines, or businesses in your community, invite them to build both of your brands together.
5. Partnering with Non-Profits is powerful. Charities and non-profits often have patrons you’d like to see become clients – you know they have disposable income! But that is just one of the benefits of strategically partnering with charities; another is gaining the support of your community. When you do good in the world, your community will rally around you to help spread the word – and your brand. I strategically partnered with my local performing arts center by offering them a percentage of the business I received through our partnership and trips to auction off at events. With my branding on every brochure, flyer, advertisement and banner in the building, I’ve received around a million dollars’ worth of business, along with lots of positive press.
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Tammy Levent, Public Speaker & Business Mentor
Click here to read Tammy’s bio and a sampling of her achievements.
